For its new phase of growth, expert developer Nakheel has disclosed that it received AED17 billion ($4.62 billion) in strategic financing. This financing includes refinancing worth AED11 billion ($3 billion) and extra funding worth AED6 billion ($1.63 billion).
Three banks, Mashreq Bank, Dubai Islamic Bank, and Emirates NBD, worked together to refinance the AED 11 billion. These funds will ultimately provide the company with a solid financial basis to further assist its long-term growth ambitions.
According to a Nakheel representative, the additional funding will also improve Nakheel’s financial situation. But it equally demonstrates the faith banks have in the company’s new and ambitious strategic direction.
NAKHEEL’S PLANS WITH THE ADDITIONAL FUNDS
The funds will be used to speed up the construction of the company’s new developments. These developments include the likes of Dubai Islands, Palm Beach Towers, Tilal Al Furjan, and Jebel Ali Village.
With the additional financing, Nakheel is also entering a new chapter of growth where it's putting its customers at the centre of its operations. Through this, Nakheel is dedicated to creating extraordinary communities, enhancing customer-focused services, and providing value at every touchpoint.
Equally, this significant debt restructuring program will further allow Nakheel to benefit from the increasing demand for coastal properties.
DUBAI’S REAL ESTATE ENVIRONMENT TO HELP NAKHEEL PROSPER
The Dubai government-owned master developer has also made investments over the past two years to create a solid investment portfolio and channel of new projects. All of these developments offer a high-end and premium experience that also capitalise on the surge in demand for prime residential property in Dubai. So, these projects will bring steady revenue growth in the coming years. They not only aid the objectives of the Dubai 2040 Urban Master Plan. But they also, guarantee the health, and well-being, of residents, and visitors.